- Terra Luna Classic Rides Bullish Momentum Amid Key Blockchain Upgrade Proposal
The Terra Luna Classic (LUNC) community is rallying behind Proposal 12148, a transformative initiative aimed at upgrading the blockchain to version 3.3.0. This proposal, spearheaded by developer StrathCole, focuses on improving tax handling and bolstering security, making the ecosystem more appealing for Cosmos-based decentralized applications (dApps). With unanimous support from all 39 participating validators, including prominent names like JESUSisLORD and TerraCVita, the upgrade is slated for implementation on December 17, during which the chain will temporarily halt for changes.
Broader Terra Ecosystem Gains Momentum
LUNC’s recent developments align with bullish trends across the Terra ecosystem. Terra’s native token, LUNA, has soared 52% to $0.79, while USTC has recorded a 20% weekly increase. Binance’s move to increase leverage on LUNA trades has further amplified these gains, signaling rising market interest.
This upward momentum is reminiscent of XRP’s recent 7-year breakout, a phenomenon noted for its ability to inspire rallies in other digital assets. LUNC’s price action mirrors this trend, with analysts suggesting a potential price target of $0.0005 if key resistance levels are broken.
LUNC Price Action and Burn Efforts
LUNC’s price has surged 40% this week, driven by a symmetrical triangle breakout. Trading at $0.0001613 at the time of writing, LUNC has achieved a 34.01% weekly gain and a staggering 90% monthly increase. Analysts are closely watching the $0.00018 resistance level, which could pave the way for a significant upward move.
Binance’s recent burn of 1.7 billion LUNC tokens has also contributed to the price spike, underscoring the community’s commitment to reducing token supply. This burn initiative, coupled with the proposed blockchain upgrades, positions LUNC for further growth.
Also Read: Terra Classic (LUNC) Price Soars – 60% Surge Possible Amid Bullish Patterns and Token Burns”
Developer-Friendly Vision
The ongoing efforts to streamline tax handling and enhance security aim to attract more developers and dApps to the Terra Luna Classic network. By fostering a robust and secure environment, the LUNC community is laying the groundwork for long-term sustainability and innovation within the ecosystem.
As bullish momentum spreads across the Terra ecosystem, LUNC’s upcoming upgrade and market dynamics could mark a pivotal moment in its journey toward higher valuations.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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